BTC at $11,772 according to Fibonacci ?
There are currently 2 main scenarios on Bitcoin: 1) The continuation of the short-term bullish trend and the medium-term invalidation of the long-term bearish trend. 2) A failure under the resistance zone between 8200$ and 8400$ and a probable return under 7000$.
For the first scenario to materialize, prices need to peak higher than the previous one, followed by a bottom higher than the previous one as well. We can see on the graph on the right, the BTC in 4h time unit as well as an extension of Fibonacci starting from the low point reached on April 1st.
In order to continue its short-term bullish trend, the BTC must first cross the resistance zone between $8291 and $8400 and head towards the $8580-8600 zone. The latter corresponds in particular to the long-term downward trend line, in logarithmic scale. If this one is broken, the prices could then go towards 8800$ and 9000$ in a first time and 11772$ then.
In the event of resistance failure, a return to $7820-$7840 is likely. In the medium term, if the BTC should fail under its oblique resistance, a return to support at 6500$ is not impossible as the extension of Fibonacci in the longer-term shows.
Given the configuration of the technical indicators, we prefer the first scenario while not completely excluding the second. To your stop-loss!
For more info, Join us on our Telegram channel : t.me/crypto_addicts_free
For the first scenario to materialize, prices need to peak higher than the previous one, followed by a bottom higher than the previous one as well. We can see on the graph on the right, the BTC in 4h time unit as well as an extension of Fibonacci starting from the low point reached on April 1st.
In order to continue its short-term bullish trend, the BTC must first cross the resistance zone between $8291 and $8400 and head towards the $8580-8600 zone. The latter corresponds in particular to the long-term downward trend line, in logarithmic scale. If this one is broken, the prices could then go towards 8800$ and 9000$ in a first time and 11772$ then.
In the event of resistance failure, a return to $7820-$7840 is likely. In the medium term, if the BTC should fail under its oblique resistance, a return to support at 6500$ is not impossible as the extension of Fibonacci in the longer-term shows.
Given the configuration of the technical indicators, we prefer the first scenario while not completely excluding the second. To your stop-loss!
For more info, Join us on our Telegram channel : t.me/crypto_addicts_free
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.